SEPA-CREDIT-TRANSFER

Standard EPC SEPA euro bank transfer.

Definition

SCT mandates credit by D+1 at latest ; IBAN + BIC submission (BIC replaced by IBAN-only since 2016 in SEPA zone). 36 SEPA countries. ISO 20022 migration fully effective in 2014. Successor Instant scheme SCT Inst (2017).

Origin

Scheme adopted by EPC in 2008 ; legacy national-format migration extended to 2014.

Example in context

A French customer transfers EUR 1000 to a German account via SCT — credited within 24h.

Related terms

• SEPA Direct Debit — twin scheme.